Forms of business ownership There are many options to consider when choosing to form a business organization such as: * Liability: who is responsible and are there limits to liability? * Income taxes: how are taxes paid? * Longevity or continuity of the organization: how to or what dissolves an organization? * Profit retention: how is profit divided? * Location (expansion): how are location or expansion decisions made? * Convenience or burden (compliance): how difficult is
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Running Head: LIT1: Legal Issues for Bus.Org Task 1 PART A Sole Proprietorship: Is one of the most popular business types in the U.S and also one of the simplest. There is no legal distinction between the proprietor and the business which means it is autonomous. Autonomy can be very beneficial in that it allows for creative expression, freedom and control but also allows for limitless liability for the owner. Liability: Because the business and the owner are one in the same the liability falls
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Sole Proprietorship: Sole Proprietorship is a very common form of small business organization. Benefits include having complete and total control as to how the business is run, marketing, hours, as well as the immediate dissolution of the business. Disadvantages range from personal liability for the business. A sole proprietor is also held responsible for all taxes for the business as personal income. Liability: A sole proprietor is held personally liable for any errors or damages caused by the
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Sole Proprietorship: There is no legal difference between the Sole Proprietorship and the owner. They are easy to create and can mature as quickly or slowly as the owner wants. There can only be one owner and raising capital can be difficult, so they seek funding from financial institutions. ● Liability The Sole Proprietor is personally responsible for all debts and obligations. Creditors can claim personal assets of business owners and can sue if there is a breach of contract. Income Taxes
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Situation A The Family and Medical Leave Act (FMLA), passed by Congress in 1993, guarantees eligible employees up to “12 work weeks of unpaid leave each year for childbirth, adoption, or medical emergencies for themselves or a family member” (Beatty & Samuelson, 2010). The employee and company must meet several conditions for the law to be applicable. FMLA has a broad spectrum and applies to public and privately held companies differently. In the case of public agencies, FMLA applies to all local
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Paula Moraru’s Submission for LIT1 TASK1 PART A SOLE PROPRIETORSHIP: It is an unincorporated business with one owner who pays personal income tax on profits from the business. With little government regulation, they are the simplest business to set up or take apart, making them popular among individual self contractors or business owners. The benefit of the sole proprietorship is the tax advantage. The disadvantage of a sole proprietorship is obtaining capital funding. - Liability: The owner
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LIT 1 – Task 1 | SUBDOMAIN 310.1 - BUSINESS LAW | Competency 310.1.2: Organizational Forms | | | | The following report will summarize the key differences between the various forms of legal business entities. The ownership forms covered will include sole proprietorship, general partnership, limited partnership, C-corporation, S-corporation, and Limited Liability Company. Also included will be a brief recommendation of the most appropriate form of ownership for the given manufacturing
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Hello, my name is Mr. B and I am the newly hired director of human resources for company X. I have been charged with the oversight of 75 employees. My duties as the human resource director are to oversee the hiring and employment practices. I must also ensure that company X is in compliance with pertinent federal laws and regulations to avoid fines and other sanctions that could be imposed. I have recently been asked to evaluate three situations and to submit a report regarding whether the company
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Running head: LIT1 TASK 310.1.5-02, 11, 13 LIT1 Task 310.1.5-02, 11, 13 Western Governors University 1 LIT1 TASK 310.1.5-02, 11, 13 2 LIT1 Task 310.1.5-2, 11, 13 Situation A The Family and Medical Leave Act of 1993 (FMLA) contains several important provisions that are applicable and will be considered in Situation A. I have outlined these provisions below. First, according to U.S. Department of Labor, Wage and Hour Division, Fact Sheet #28 (U.S. Department of Labor, Wage
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SAMPLE FORMAT FOR TASK 1 PART A *Course Mentor Note on the interpretation/application of the Taskstream Instructions: According to the instructions in Taskstream, you may conclude the task is asking you to include 3 components for Part A of Task 1 which are: 1. Six of seven characteristics 2. Advantages and disadvantages for each business organization 3. Brief description for each business organization But to clarify what is actually required, you only need to describe the 6 of 7 characteristics;
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